Leading sustainable travel

Mobico is a leading international transport provider, diversified internationally with operations in North America, continental Europe, the UK, Middle East and North Africa.


Our vision is to be the world’s premier shared mobility operator


Our purpose is to lead the modal shift from cars to mass transit

Download the Annual Report 2023

“A strengthened team to lead the future of sustainable travel."

Operational highlights

Financial results
  • Revenue growth of 12.2%, with continued delivery on pricing and passenger volume increases across the Group, including record year at ALSA and driver & route recovery in North America School Bus
  • Adjusted Operating Profit decreased to £168.6m (FY 22: £197.3m) as benefits of volume recovery and in-year benefit from pricing and Accelerate 1.0 cost reduction programme were offset by cost inflation, reduction in Covid subsidies and lower profitability in Germany
  • Statutory Operating Loss of £21.4m (FY 22 restated: £173.5m loss, itself following significant ALSA impairment), impacted by £30m restructuring costs and £99m charge to the German Rail onerous contract provision
  • German profitability impacted as a result of industry wide labour scarcity, productivity issues, market volatility in energy prices and persistent high inflation, with approximately £10m in year impact as a result of changes to forward looking assumptions
  • Further pricing and restructuring benefits to come with ‘Accelerate 1.0’ delivering in excess of £30m annualised, and ‘Accelerate 2.0’ well underway targeting at least £20m annualised
well-positioned to deliver future growth
  • 43 new contracts won across the Group, worth over £1bn in total contract value and circa £126m in annualised revenue, at ROCE of 23%, in line with Evolve strategy. Group mobilised in new key target cities, including Porto, Seville and Charleston as well as multi-modal hub expansions in Madrid, Chicago, Boston and Geneva 
  • New management teams in US School Bus and the UK & Germany 
  • Significant progress on driver recruitment and route reinstatement in US School Bus with driver shortage now only 2%; albeit with a consequential impact on higher training and recruitment costs 
  • Average rate increases in School Bus of 13% achieved on the 40% of contracts renewed in the year, recovering increased driver costs, albeit with a timing lag
Resilient and agile in the face of industry headwinds
  • Covenant gearing ratio of 3.0x, increased from 2.8x last year end 
  • Debt maturity and liquidity improved with new £600m Rolling Credit Facility (RCF) facility to 2028 and maturing £400m bond replaced with a €500m Eurobond issue maturing in 2031 
  • Fuel cost was 100% hedged for 2024 and around 50% for 2025 
  • Fleet decarbonisation accelerating and on track to reach our target of 1,500 ZEVs across the Group by 2024

Divisional review

Financial overview

Group Income Statement, Group Balance Sheet, Group Cash Flow Statement & Five Year Summary

Evolve Strategy

We have a clear vision and purpose, which drives everything we do

Investment case

Driving our business forward in sustainable and growing markets